Reliance Industries Ltd.

The Petroleum and Natural Gas Ministry is reportedly planning to impose additional penalty of $578 million on Reliance Industries (RIL) for missing the target production of natural gas from its KG-D6 block. Following the additional penalty, the total penalty is now increased to $2.375 billion.

This is part of the annual penalty, which the Ministry has been levying on the contractor by disallowing costs incurred on the field for missing the target. RIL has taken the Government to arbitration on the issue.

Reliance Industries, is a Fortune Global 500 company and is the largest private sector company in India. Its activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles, retail, infotel and special economic zones.